Spending review: Public sector discount rate consultation annouced

Osborne told the Commons during the delivery of the Comprehensive Spending Review that the government had largely accepted Lord Hutton's findings from his review of public sector pensions that there must be an increase in employee contributions to public sector pensions. He said public sector pensions should continue to provide defined benefit schemes and agreed with Hutton's sentiment that reform should not be a "race to the bottom". "We want them to be gold standard, but they must be affordable", he added. Osborne said the move would save £1.8bn on public sector pensions. He s...